Fundraising from London’s initial public offering (IPO) scene slumped in the first half of 2025, with just nine initial public offerings (IPOs) raising £182.8m ($246.2m), raising questions about the fading allure of the UK as a hub for global capital.

The bleak figures mark a steady decline from the same period last year, when eight IPOs generated £526.7m in H1 2024. The downturn continued in the second half of 2024, with nine IPOs raising £258m, according to data released by law firm White & Case LLP.

London’s most significant IPO of 2025 to date came in April with the listing of professional services company MHA (MHA.L), which raised £98m on the Alternative Investment Market (AIM).

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However, the City’s ongoing struggle to maintain its position as a destination for high-growth tech listings is evident, as major firms like AstraZeneca (AZN.L) and Wise (WISE.L) explore shifting their listings to the US.

Reports suggest that AstraZeneca’s CEO is considering relocating the pharmaceutical company’s primary listing to the US, while money transfer service Wise, valued at £11bn, plans to follow suit next year.

Online fast fashion giant Shein has filed for an IPO in Hong Kong as it struggled to gain the go-ahead from Chinese regulators for a flotation in London.

“Shein’s listing would have been a boost to the market,” Alasdair Steele, corporate partner with law firm CMS, told Reuters. “However, there was never any guarantee that a single large listing would reignite the IPO market.”

In February, Unilever (ULVR.L) said it had chosen Amsterdam for the main listing of its ice cream business. That follows a string of London-listed companies that have either moved to a different market, such as online betting company Flutter (FLTR.L) Other major companies, such as Shell (SHEL.L), have considered a move.

Despite these lacklustre figures, the market recently experienced a boost when Norwegian software giant Visma reportedly chose London over Amsterdam for its €19bn (£16.2bn) IPO. This shift comes at a critical time as London seeks to remain relevant amid global competition for tech listings.

London IPO activity could jump from September

London IPOs raised just £182m through nine listings in first half of 2025. · Mike Kemp via Getty Images

Despite the challenges, Jonathan Parry, a partner in White & Case’s Capital Markets group, sees potential in the UK capital. “The inherent strengths of London, including its deep pools of capital and liquidity, are often overlooked. As we have seen from high-profile capital raises this year, the London market functions very effectively for companies that have a compelling equity story and a strong management team,” he said.